LA Private

ASX up 0.54% near noon: Copper surges to new high

Copper has surged to a new high, driven by financial investors anticipating a supply shortage, with futures on the London Metal Exchange reaching $US10,848 a ton, reflecting a more than 25% increase since the year began, amid concerns of a tightening ore supply potentially leading to a global shortfall in refined metal.

At 11:30am, the S&P/ASX 200 is 0.54 per cent higher at 7,856.80.

The SPI futures are pointing to a rise of 54 points.

Best and worst performers

The best-performing sector is Materials, up 1.79 per cent. The worst-performing sector is REITs, down 0.96 per cent.

The best-performing large cap is Evolution Mining (ASX:EVN), trading 5.44 per cent higher at $4.07. It is followed by shares in Newmont Corporation (ASX:NEM) and Whitehaven Coal (ASX:WHC).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 2.67 per cent lower at $5.84. It is followed by shares in Cochlear (ASX:COH) and Meridian Energy (ASX:MEZ).

Commodities and the dollar

Gold is trading at US$2434.40 an ounce.

Iron ore is 0.9 per cent higher at US$118.00 a tonne.

Iron ore futures are pointing to a 1.41 per cent rise.

One Australian dollar is buying 67.00 US cents.